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5 April 2005 – LAWFUEL – The Law News Network – Alliance partners Sti…

5 April 2005 – LAWFUEL – The Law News Network – Alliance partners Stibbe and Herbert Smith have jointly advised Hagemeyer, a leading international business-to-business distributor of electrical materials and safety and other maintenance, repair and operations products, on its issue of €135 million 3.50% subordinated convertible bonds due 2012.

The bonds are convertible into ordinary shares and have been listed on Euronext Amsterdam. The initial conversion price has been set at €2.83 per ordinary share.

Hagemeyer issued the bonds to enhance its debt maturity profile, reduce interest costs and improve its financial flexibility. The net proceeds from the sale of the bonds will be used to refinance part of its existing debt.

The cross-border team was led by partners Egbert Vroom, Derk Lemstra and Alex Bafi, along with Jaap Willeumier and Jonathan Moult. They were assisted by Tina Boudreaux, Jeff Hendrickson, Inge Timmerman and Jan Roeland.

Alex Bafi, a partner in the firms’ combined international equity capital markets practice group, commented:

“We are delighted to have worked with Hagemeyer again on this bond issue, which underlines our international equity capital markets capability.”

Stibbe partner Egbert Vroom commented:

“We are extremely pleased to have reinforced our relationship with Hagemeyer on this convertible bond issue. It is evidence of the growing strength of our fully integrated Anglo-Dutch finance practice which is based in Amsterdam and headed by Jaap Willeumier and Jonathan Moult.”

Norton Rose and Linklaters advised the global coordinator, ABN AMRO Rothschild.

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.